Are you feeling the pinch?  Have you been promised the earth?  That payment was due to you the day before yesterday but didn’t arrive.  They keep on promising this payment to you….but on the day….nothing….pin drop silence.

The anxiety that builds, the phone that keeps on ringing off the hook, the constant refreshing of your bank account to see if that money has appeared.  We totally know that feeling of being promised that payment will be made, yet there is nothing to be seen.

Sometimes a solicitor’s letter is all it takes to make the difference, and at a cost, you will be pleasantly surprised with.

Some call it a Letter Before Action, others call it a Final Demand, but whatever you want to call it we would just like you to know that using a law firm, such as Kidd Rapinet will help ensure that this worry is removed and payment will be recovered in a professional, friendly but firm manner.  Whether you are a business and/or an individual who is owed money, we make sure that our letter encourages action.  You can also be reassured that we will take appropriate and timely legal action should payment not be made in the agreed timeframe.

Time and time again our clients have come to us requesting help and assistance – in most cases all it takes is our letter to action payment and the debt balance paid without further worry or action from our client.

If you would like to understand more about debt recovery for you personally or debt recovery for your business, please do not hesitate to contact us.  Please use the form provided to get in touch.

These materials and content have been prepared for the benefit of their viewers/readers. They are intended for marketing purposes only and are of a general nature and do not constitute legal advice applicable to any particular facts or circumstances. Kidd Rapinet LLP and/or the author(s) accept no duty of care, responsibility or liability for any loss or damage which you or any third party may suffer as a result of any reliance or use by you or them of these marketing materials and content, except to the extent it is not legally possible to exclude such liability. If you require legal advice on your own situation, please contact us so we can discuss how we may assist.

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Prevalent as it is from the Autumn Statement headlines that it made, it’s clear that the next year or so looks bleak with the long road ahead to get back to recovery, with most businesses and individuals being forced to budget carefully and give consideration to those priority bills.

An increase in taxes are set to take effect from April 2023, which could see more of the larger firms increase their prices in a bid to combat inflation, but if you are owed money for unpaid invoices and/or have been owed money then now is the time to take action and utilise a regional law firm such as Kidd Rapinet to help initiate legal action on your behalf by issuing proceedings through the Courts.

Are you a business or an individual who is owed a sum of money?  Are you sitting on some outstanding invoices owed to you?  Have you been promised payment but that money never seems to materialise in your bank account?  Or have you received part payment, but not the full balance.  Are you fed up of the stop/start communication that is coming through and/or the complete disregard for goods and services that you sold to them resulting in non-payment, and hitting your own cashflow.

Rest assured, whether you have terms of business or not, all businesses/individuals are protected to recoup some form of interest through late payment.  Let us guide you to issue proceedings on your behalf, to obtain a CCJ (County Court Judgment) in a cost and time-effective period, for you.  You will be in safe hands with Kidd Rapinet, where we guarantee to take care of non-paying clients.

To find out more information, please do not hesitate to contact Kidd Rapinet’s Debt Recovery team on 01628 621301 for a No Obligation chat as to how we can help you.

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• Before accepting business from a new client, carry out “due diligence” checks to assess the risk of them defaulting on payment. You can use online resources like the Companies House website to obtain copy accounts, if the client is a limited company. Alternatively, you can obtain credit reports on the client. As well as the latest financial filings, these give details of directors, mortgages and County Court Judgments for failing to pay debts. Beware of newly incorporated companies where no financial information is available. Also search online for reviews or news reports that suggest the client may be high risk.
• Monitor your existing clients for any downturn in their business that could leave them struggling to pay your invoices. Review their credit status every six months, and keep an eye on the news for reports of a downturn in their business sector that could affect them.
• Agree payment terms with each client in writing and signed by them, stating the due date for payment and, if by instalments, the due date and amount of each instalment. This will make it easier to pursue late payments, without being sidetracked by arguments as to whether payment is “late”. Also state the rate of interest that will apply to late payments.
• Where possible, seek payment in advance. If this is not possible, settle for a deposit up front and agree a date for payment of the balance. Only start work for the client once the advance payment or deposit has cleared and the money is in your account.
• Vary your payment terms depending on the client. For a new client, or one identified as higher risk, set a low credit limit and short payment term. For a longstanding client with a good payment record, or one identified as lower risk, you may wish to offer a higher credit limit and longer payment term.
• Send out monthly or weekly invoices, so both you and the client can keep an eye on fees. Make it easy for clients to pay by including your bank details on every invoice and reminder, and offering the facility to pay by direct debit and online. Put a link on the home page of your website to a payment screen, so clients can find it easily and pay promptly. If you add interest to an overdue invoice, send out a new invoice showing the revised sum.
• Try to establish a good working relationship with individuals at the client company, and effective channels of communication. This should make it easier for both sides to broach the subject of payment and iron out any difficulties before they escalate.
• Ensure you have rigorous credit control procedures in place. Invest in an accounting package that enables you to see at a glance who owes money, when it is due and whether they pay. Keep your accounts up to date and, if you can afford it, employ a credit controller to keep track of and chase up unpaid invoices.
• In any event, take prompt action to recover sums owing. Depending on the nature and size of your business, it might be economical to outsource your debt recovery to a debt collection company or solicitors who offer a debt recovery service.

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